Lee, Home Buyer in Queens, NY

i want to purchase a coop & want to meet the deadline for the first time home buyers credit in 4/2010, how soon should i start looking at

Asked by Lee, Queens, NY Thu Dec 24, 2009


Help the community by answering this question:


Al Akerman’s answer
You should start looking immediately.

Although if you find a house in March or April you will have plenty of time to close before the deadline (you have to be under contract by April 30 and you have to close by June 30) there is no reason to delay.

If you start your search now you will have plenty of time to make calculated decisions and will have time to look at quite a few coops. Hopefully you will find something you like for a decent price.

If you wait until closer to the deadline, you might get pressed for time and have less options to choose from.
You might settle for a lesser coop than you might have gotten if you had the time to look around and you might be pressured to pay a little more.

It is never a good idea to rush into buying a home. It is a serious, long-term and sometimes nerve wracking transaction. Starting now will give you a major edge.

Hope this helps.

Good luck.
1 vote Thank Flag Link Thu Dec 24, 2009
Acttually, you shauld have already started--If haven't done so yet--visit with any qualified loan officer(s) first, see exactly what your budget can handle, check your credit score and ask for a mortgage pre-qualification/approval letter. Keep in mind that with co-ops, just because you qualify for a mortgage, does not necessarily mean you'll qualify Board(s) requirements.

0 votes Thank Flag Link Mon Dec 28, 2009
Immediate, give me a call to become Pre-Qualified before you go looking for homes.

John S Lagoudis,
718-274-1234 x 200
John S Lagoudis, MBA
Vice President
Mortgage World Bankers
32-75 Steinway Street
Astoria, NY 11103
0 votes Thank Flag Link Mon Dec 28, 2009
Hi Lee

I agree with the previous answers. Start immediately and allow yourself to find the right place without to much pressure. As you get further into the selling season you will also have more competition from other buyers.
Also you should not limit yourself to coops. Queens also offers many condo apartments. Financing a condo is generally easier and of course you don't need board approval which can take several weeks and require additional documentation.
Start looking(in person and not just on the internet). Get pre-approved for a mortgage(very important and can help when negotiating). Get a Realtor and ask many questions.
If I can be of any further help feel free to contact me. I am an agent and appraiser serving in Queens and Nassau counties.

Good Luck!

Allen Bauman
Century21 Yve R.E.
Licensed R.E. Agent
NYS Certified Residential Appraiser
0 votes Thank Flag Link Fri Dec 25, 2009
Dear Lee;

What you want to do is call a lender Jan 2nd 2010 and get preapproved 1st. Contact buyers agent with ABR designation in your area. Buying a coop takes longer to finance and you will most likley need to meet with the coop board before the closing.
Take your time and injoy your search for your new home! I wish you luck in your new home!

Ifeta Faye Redzovic Real Estate Broker Chicago, Il
0 votes Thank Flag Link Fri Dec 25, 2009
Hi Lee
I agree with Al - by all means start your search right away!

Since you are buying a coop, you will have to deal with a coop board - some are more stringent than others...they may have various requirements in regard to your financing and other issues. So...find a local agent, become famialir with what's involved...........and get started ..... as the process may be a bit more involved than if you were simply buying a single family home.

Good luck!!
Debbie Rose
Prudential NJ Properties
0 votes Thank Flag Link Thu Dec 24, 2009
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